Endeavor Malaysia, officially launched in October of 2013, recently achieved a few milestones as Endeavor’s second country office in Southeast Asia, illustrating the organization’s rapidly growing presence in the region. Highlights include the selection of Malaysia’s first entrepreneur into the Endeavor network, a grant from the JPMorgan Chase Foundation to support global and local development efforts, and news of the sale of Board Member Mark Chang’s JobStreet.com.
As the country’s first Endeavor Entrepreneur, Hakim Karim, founder of GridMarkets, was among 16 high-impact entrepreneurs selected at the 52nd International Selection Panel in Jakarta. Launched in 2013, GridMarkets is a B2B exchange that allows companies with large in-house data centers to recover costs from servers that sit idle during off-peak periods by “renting” them out to other businesses. As an alternative to the traditional data marketplace, GridMarkets aims to help clients eliminate waste and maximize efficiency by allowing them to buy and sell server capacity on an as-needed basis. With the demand for data storage skyrocketing worldwide, GridMarkets’ model presents an innovative exchange solution for clients while also spotlighting the region’s emerging tech industry.
A recent grant for Endeavor Global from the JPMorgan Chase Foundation will help accelerate the impact of Endeavor in Malaysia, focusing the efforts of both the global and local offices in screening and selecting top candidate entrepreneurs. With this support, global staff will be able to maximize their work with Malaysia’s team to continue expanding Endeavor’s presence in the region. In addition, there will be an effort to recruit more local mentors into the VentureCorps network - a critical component of the Endeavor model.
Further highlighting the growing entrepreneurial culture in Malaysia, local Board Member Mark Chang recently announced the acquisition of his company JobStreet.com, the largest online employment site in the region, for $524 million by the Australia-based Seek.com. One of the largest Internet deals in the region, the acquisition demonstrates a mounting interest among global corporations to claim a stake in Asia’s emerging markets. Read full coverage of the acquisition news in the Wall Street Journal by clicking here.